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AUSTRAC
Financial planning
The Australian Securities and Investments Commission will be allowed to apply to the courts for fines and disqualification of individuals in relation to AUSTRAC’s proceed...
Policy & Regulation
Westpac has confirmed the career and salary consequences that has flowed from its AUSTRAC scandal....
Superannuation
Superannuation funds may not have been responsible for the $150,000 early release fraud being investigated by the Australian Federal Policy but their members will ultimat...
Funds management
Faced with COVID-19 factors, Westpac has announced new and increased provisioning and asset write-downs totalling around $1.4 billion....
Superannuation
Amid concerns about appropriately identifying superannuation fund members for hardship early release, the Government has said that the Australian Taxation Office alone wi...
Policy & Regulation
Westpac has been served with a class action by Johnson Winter and Slattery related to market disclosure issues connected to AUSTRAC proceedings....
Financial planning
The class action by shareholders relates to market disclosure issues that are subject of the AUSTRAC money-laundering scandal....
Financial planning
The authority has increased the bank’s capital requirement to $1 billion and will focus on directors and senior managers that breached the Banking Act in relation to the ...
Financial planning
The bank’s chief executive told its annual general meeting that it would recruit 200 people in compliance and financial crime areas....
Policy & Regulation
Westpac’s AUSTRAC issues saw 3,390 people exit its latest share purchase plan at a cost of $68 million....
Funds management
In the wake of its money-laundering scandal, most funds that had a high allocation towards the bank managed to recover losses indicating the resilience of big banks....
Financial planning
Westpac has announced it will provide a share purchase plan withdrawal option for SPP applicants who applied for the plan prior to the AUSTRAC announcement made earlier t...
Policy & Regulation
Westpac has withheld the bonuses of its most senior executives and some of its general management until it determines who should be held accountable for its alleged AUSTR...
Financial planning
Fitch Ratings has said that the AUSTRAC proceedings brought against Westpac were credit negative, but will not have an immediate impact on its ratings....
Policy & Regulation
The Australian Taxation Office (ATO) is undergoing a data matching service to ensure an estimated one million people investing in cryptocurrency are paying the right amou...
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MARKET INSIGHTS
Podcast
Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...
It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...
So we are now underwriting criminal scams?...